SkyRidge Gold Coast: Lottery to decide who lives in $1.5b new suburb
Buyers of property in a $1.5 billion Gold Coast development at the heart of a desperate grab for property will have to meet a very specific condition if they want to get one of its prized houses.
Property
Don't miss out on the headlines from Property. Followed categories will be added to My News.
- FIRST LOOK: GIANT $300M RESORT AND SURF PARK FOR COAST SUBURB
- INSIDE COAST’S ‘WORST-EVER’ MASS DRUG OVERDOSE
A $1.5 BILLION Gold Coast development at the heart of a desperate grab for property will avoid problems of previous developments, city leaders say.
More than 15,000 have registered to secure one of 3500 houses planned for Worongary’s SkyRidge subdivision.
The demand is so high, developers Perron Group and Ross Atkins will stage the ballot to pick the winners.
Area councillor Glenn Tozer welcomed the progress, after it was first proposed a decade ago.
Cr Tozer said the developers had put limits in place to prevent the houses being snapped up by investors and being left empty.
“A ballot seems the fair way to determine who will form the foundation of this new Division 9 community,” he said.
“I’m informed the first thousand interested, back from 2016 when it was known as Pacific View Estate, will be part of the ballot for the first 50 properties.
“I’m also informed contract conditions prevent investors and flippers from being opportunistic because they’re looking to build a real community of owner-occupier residents.”
The ballot is expected to begin this week.
The site, off Hinkler Drive, has been cleared in the past six months.
The entire development, ultimately to home 10,000 people, is not expected to be completed until 2036.
Its size will rival Varsity Lakes, or the equivalent of Chevron Island, Bundall, and part of Surfers Paradise combined.
INSIDE STORY OF ONCE-ELITE SUBURB’S DOWNFALL
SHOCK CLOSURE OF POPULAR GOLD COAST BUSINESS
Cr Tozer said the new houses will be critical to relieving pressure on city housing.
“Demand for property in the Hinterland has never been greater and Skyridge will have a range of variables that make it a compelling option for many families looking for a place to build close to wonderful private and public schools,” he said.
“It’s not just Skyridge and Worongary though; Bonogin, Tallai and Reedy Creek are also seeing unprecedented demand from home buyers. They’re all great suburbs.”
It is expected to inject $3.2bn into the economy in the next 15 years.
Queensland-based Shadforth being appointed for the first $20m civil works package was the next step.
Works will include road and sewer upgrades to Hinkler Dr, bridge crossings and the construction of the display village lots
The next stages include further civil works for Stages 2-6 for the first 285 home sites.
It will also include the estate’s first two new parks, including the ridge top Hero Park with views of the city’s skyline and ocean, a 500-person amphitheatre and picnic lawns.
Ballot to decide who will live in new $1.5b mega suburb
THE developer behind a new $1.5bn suburb will stage a ballot to determine who will get to live in its first stage.
More than 15,000 people have registered to secure one of the 3500 houses planned for Worongary’s SkyRidge subdivision.
The demand for property is so high that the developers Perron Group and Ross Atkins will stage the ballot to pick the winners.
Brinton Keath, director of Sala Property Group which is managing the sales campaign, said a ballot was the “only logical approach to keeping things fair”.
‘DISASTROUS’: WHAT WENT WRONG IN EXCLUSIVE COAST SUBURB
“We also propose to give those buyers who registered under the estate’s former name Pacific View Estate the first chance to buy, and after that we will have further ballots for the SkyRidge registrants who have registered since February 2021.
“Being a very large development, timetables are often subject to change for a range of reasons, and we have had to adjust our time frames for this first release accordingly, so we thank those that have registered for being patient.”
The ballot process is expected to begin next week.
The site, off Hinkler Drive, has been cleared in the past six months.
The entire development, which will ultimately be home to 10,000 people, is not expected to be completed until 2036.
Its size will rival that of Varsity Lakes, or the equivalent of Chevron Island, Bundall, and part of Surfers Paradise combined.
It is expected to inject more than $3.2bn into the economy in the next 15 years.
Project development director Chris Alston said the appointment of Queensland-based company Shadforth for the first $20m civil works package was the next step towards the suburb taking shape.
Works will include road and sewer upgrades to Hinkler Dr, bridge crossings and the construction of the display village lots.
“While a lot of bulk excavation has already taken place, this next round of civil works will upgrade the Hinkler Dr intersection and sewer works, as well as internal bridge crossings and structures,” he said.
“It will also allow for the creation of Stage 1 lots, being a new display village of 37 homes.
“What we are seeing is the start of the evolution of the SkyRidge community, as things really start to take shape and our vision and strategies come to fruition.”
The next stages will include further civil works for Stages 2-6 for the first 285 home sites.
It will also include the estate’s first two new parks, including the ridge top Hero Park which will feature views of the city’s skyline and ocean views, a 500-person amphitheatre and picnic lawns.
More Coverage
Originally published as SkyRidge Gold Coast: Lottery to decide who lives in $1.5b new suburb
First look: New Coast shopping centre for surprise site
A long-empty site in a surprise location will be transformed into a retail showroom complex under fresh plans lodged with the council. FIND OUT WHERE
Revealed: How much rent you need to pay in every Qld suburb
Rents have increased again in 252 Queensland suburbs, reversing the brief downward trend recorded just three months ago. See how your suburb compares!